Manufacturing Industry
Union Pacific order putting firm on track.(Cover Story)(North American Technologies Group Inc. plans capacity expansion after contract)(Brief Article)(Cover Story)
Plastics News, February, 2003
Byline: Shawn Turner North American Technologies Group Inc.'s train may be coming in. The maker of composite railroad ties announced Jan. 23 it has raised $2.4 million in debt and equity as it looks to ramp up production capacity as a result of landing an order from Union Pacific Railroad valued at more than $55 million.
``In order to get it, we needed to raise everything we could,'' said Henry Sullivan, president and chief executive officer of the firm, known as NATK. ``These are not good economic times. If you don't have the money you can't get the order, and if you don't have an order you can't get the money.'' The order for 1 million ties, which NATK received late last year, comes as part of a six-year supply agreement with the largest railroad in...
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